Nutella billionaire Michele Ferrero dies aged 89 after illness

Billionaire Michele Ferrero, who became Italy's richest man with a confectionary empire built on his popular Nutella spread, has died at the age of 89.

Ferrero had been battling illness for several months. He died in Monte Carlo on Saturday.

"I have learnt with emotion of the passing of Michele Ferrero, a true entrepeneur, known and loved in Italy and abroad," Italian President Sergio Mattarella said in a statement.

"Ferrero was a leading light in Italian business for many years, always managing to stay on trend thanks to his innovative products and his tenacious and cautious work. Italy remembers him with gratitude."

It was Ferrero's father, a small-time pastry maker named Pietro Ferrero, who laid the groundwork for the Nutella recipe.

He famously added hazelnut to the mix to save money on cocoa, which was in short supply after World War II.

But it was Michele Ferrero who turned the paste into the Nutella now known the world over.